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Bank of China's net profit rose 4.99% yoy to CNY 63,083 mil in 2Q2019

By Helgi Library - October 14, 2019

Bank of China made a net profit of CNY 63,083 mil under revenues of CNY 138,264 mil in the second quarter of 2019, up 4.99% and ...

Bank of China's net profit rose 4.99% yoy to CNY 63,083 mil in 2Q2019

By Helgi Library - October 14, 2019

Bank of China made a net profit of CNY 63,083 mil under revenues of CNY 138,264 mil in the second quarter of 2019, up 4.99% and ...

Bank of China's capital adequacy ratio rose 11.2% yoy to 15.3% in 2Q2019

By Helgi Library - October 14, 2019

Bank of China's capital adequacy ratio reached 15.3% at the end of second quarter of 2019, up from 15.0% when compared to the pre...

Annual Quarterly LTM
Profit Statement 2016 2017 2018
Net Interest Income CNY mil 307,102 340,086 361,624
Net Fee Income CNY mil 88,664 88,691 87,208
Other Income CNY mil 66,362 58,033 64,661
Total Revenues CNY mil 462,128 486,810 513,493
Operating Profit CNY mil 300,234 312,051 346,211
Provisions CNY mil 86,775 84,025 107,905
Net Profit CNY mil 164,578 172,407 180,086
Balance Sheet 2016 2017 2018
Interbank Loans CNY mil 1,176,500 1,060,500 1,405,500
Customer Loans CNY mil 9,735,600 10,644,300 11,515,800
Total Assets CNY mil 18,148,900 19,467,400 21,267,300
Shareholders' Equity CNY mil 1,487,100 1,576,700 1,725,400
Interbank Borrowing CNY mil 2,683,900 3,091,400 3,606,900
Customer Deposits CNY mil 12,939,700 13,657,900 14,883,600
Issued Debt Securities CNY mil 295,936 399,557 473,309
Ratios 2016 2017 2018
ROE % 11.6 11.3 10.9
ROA % 0.941 0.917 0.884
Costs (As % Of Assets) % 0.926 0.929 0.821
Costs (As % Of Income) % 35.0 35.9 32.6
Capital Adequacy Ratio % 14.3 14.2 15.0
Net Interest Margin % 1.76 1.81 1.78
Loans (As % Of Deposits) % 75.2 77.9 77.4
NPLs (As % Of Loans) % 1.49 1.48 1.43
Provisions (As % Of NPLs) % 160 157 179
Valuation 2016 2017 2018
Price/Earnings (P/E) 6.66 7.69 5.52
Price/Book Value (P/BV) 0.737 0.840 0.576
Earnings Per Share (EPS) CNY 0.559 0.586 0.612
Book Value Per Share CNY 5.05 5.36 5.86

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summary Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                
Net Interest Income CNY mil                   257,299 284,128 321,798 329,415 307,102    
Total Revenues CNY mil                   369,424 412,168 461,327 477,250 462,128    
Operating Profit CNY mil                   209,695 239,854 283,539 292,579 300,234    
Net Profit CNY mil                   139,656 156,911 169,595 170,509 164,578    
balance sheet                                
Interbank Loans CNY mil                   1,150,400 1,133,100 1,130,200 1,007,900 1,176,500    
Customer Loans CNY mil                   6,710,000 7,439,700 8,294,700 8,935,200 9,735,600    
Debt Securities CNY mil                   2,378,200 2,617,100 2,923,600 3,795,100 4,156,000    
Total Assets CNY mil                   12,680,600 13,874,300 15,251,400 16,815,600 18,148,900    
Shareholders' Equity CNY mil                   861,542 961,477 1,183,400 1,357,600 1,487,100    
Interbank Borrowing CNY mil                   2,007,700 2,163,900 2,461,100 2,691,900 2,683,900    
Customer Deposits CNY mil                   9,174,000 10,097,800 10,885,200 11,742,500 12,939,700    
Issued Debt Securities CNY mil                   221,741 182,224 201,255 221,584 295,936    
ratios                                
ROE %                   17.3 17.2 15.8 13.4 11.6    
ROA %                   1.14 1.18 1.16 1.06 0.941    
Costs (As % Of Assets) %                   1.30 1.30 1.22 1.15 0.926    
Costs (As % Of Income) %                   43.2 41.8 38.5 38.7 35.0    
Capital Adequacy Ratio % ...                 13.6 12.5 13.9 14.1 14.3    
Net Interest Margin %                   2.10 2.14 2.21 2.05 1.76    
Interest Income (As % Of Revenues) %                   69.6 68.9 69.8 69.0 66.5    
Fee Income (As % Of Revenues) %                   18.9 19.9 19.8 19.4 19.2    
Equity (As % Of Assets) %                   6.79 6.93 7.76 8.07 8.19    
Loans (As % Of Deposits) %                   73.1 73.7 76.2 76.1 75.2    
Loans (As % Assets) %                   52.9 53.6 54.4 53.1 53.6    
NPLs (As % Of Loans) % ... ... ...             0.970 0.978 1.21 1.46 1.49    
Provisions (As % Of NPLs) % ... ... ...             232 226 183 151 160    
valuation                                
Market Capitalisation (End Of Period) USD mil ... ... ...             103,690 96,194 150,531 140,301 126,707    
Number Of Shares (Average) mil                   279,127 279,156 280,009 293,722 294,376    
Share Price (End Of Period) HKD ... ... ...             2.88 2.67 4.17 3.70 3.34    
Earnings Per Share (EPS) CNY                   0.500 0.562 0.606 0.581 0.559    
Book Value Per Share CNY                   3.09 3.44 4.23 4.62 5.05    
Price/Earnings (P/E) ... ... ...             7.16 6.09 8.60 7.61 6.66    
Price/Book Value (P/BV) ... ... ...             1.16 0.994 1.23 0.956 0.737    
Earnings Per Share Growth % ...                 12.4 12.3 7.75 -4.15 -3.69    
Book Value Per Share Growth % ...                 13.8 11.6 22.7 9.36 9.30    
income statement Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                
Interest Income CNY mil                   506,863 519,538 603,376 615,821 567,193    
Interest Cost CNY mil                   249,564 235,410 281,578 286,406 260,091    
Net Interest Income CNY mil                   257,299 284,128 321,798 329,415 307,102    
Net Fee Income CNY mil                   69,923 82,092 91,240 92,410 88,664    
Other Income CNY mil                   42,202 45,948 48,289 55,425 66,362    
Total Revenues CNY mil                   369,424 412,168 461,327 477,250 462,128    
Operating Cost CNY mil                   159,729 172,314 177,788 184,671 161,894    
Operating Profit CNY mil                   209,695 239,854 283,539 292,579 300,234    
Provisions CNY mil                   19,086 22,938 46,606 55,872 86,775    
Extra and Other Cost CNY mil                   2,936 4,139 5,455 5,136 -8,953    
Pre-Tax Profit CNY mil                   187,673 212,777 231,478 231,571 222,412    
Tax CNY mil                   41,927 49,036 54,280 52,154 38,361    
Minorities CNY mil                   6,090 6,830 7,603 8,572 19,473    
Net Profit CNY mil                   139,656 156,911 169,595 170,509 164,578    
growth rates                                
Net Interest Income Growth % ...                 12.7 10.4 13.3 2.37 -6.77    
Net Fee Income Growth % ...                 8.14 17.4 11.1 1.28 -4.05    
Total Revenue Growth % ...                 11.5 11.6 11.9 3.45 -3.17    
Operating Cost Growth % ...                 13.5 7.88 3.18 3.87 -12.3    
Operating Profit Growth % ...                 10.0 14.4 18.2 3.19 2.62    
Pre-Tax Profit Growth % ...                 11.3 13.4 8.79 0.040 -3.96    
Net Profit Growth % ...                 12.4 12.4 8.08 0.539 -3.48    
market share                                
Market Share in Revenues % ... ... ... ... ... ... ...     11.7 11.5 11.0 10.3 9.84   ...
Market Share in Net Profit % ... ... ... ...           9.24 ... ... ... ... ... ...
Market Share in Employees % ... ... ... ... ... ... ...   ... ... ... ... ... ... ... ...
balance sheet Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                
Cash CNY mil                   2,006,800 2,214,300 2,391,200 2,269,400 2,349,200    
Interbank Loans CNY mil                   1,150,400 1,133,100 1,130,200 1,007,900 1,176,500    
Customer Loans CNY mil                   6,710,000 7,439,700 8,294,700 8,935,200 9,735,600    
Retail Loans CNY mil                   1,884,300 2,168,500 2,437,700 2,765,900 3,404,400    
Mortgage Loans CNY mil ... ... ... ... ... ...       1,348,400 1,506,300 1,694,300 2,045,800 2,636,000    
Consumer Loans CNY mil ... ... ... ... ... ...       535,900 662,200 743,400 720,100 768,400    
Corporate Loans CNY mil                   4,980,400 5,439,300 6,045,600 6,369,900 6,569,000    
Debt Securities CNY mil                   2,378,200 2,617,100 2,923,600 3,795,100 4,156,000    
Fixed Assets CNY mil                   164,478 173,769 187,367 198,334 211,912    
Total Assets CNY mil                   12,680,600 13,874,300 15,251,400 16,815,600 18,148,900    
Shareholders' Equity CNY mil                   861,542 961,477 1,183,400 1,357,600 1,487,100    
Of Which Minority Interest CNY mil                   36,865 37,561 42,569 52,659 75,410    
Liabilities CNY mil                   11,819,100 12,912,800 14,068,000 15,458,000 16,661,800    
Interbank Borrowing CNY mil                   2,007,700 2,163,900 2,461,100 2,691,900 2,683,900    
Customer Deposits CNY mil                   9,174,000 10,097,800 10,885,200 11,742,500 12,939,700    
Sight Deposits CNY mil                   4,141,400 4,471,100 4,511,000 5,223,500 6,111,300    
Term Deposits CNY mil                   5,032,600 5,626,700 6,374,200 6,519,000 6,828,400    
Issued Debt Securities CNY mil                   221,741 182,224 201,255 221,584 295,936    
Other Liabilities CNY mil                   415,617 468,899 520,445 802,016 742,264    
asset quality                                
Non-Performing Loans CNY mil ... ... ...             66,572 74,442 102,783 132,967 148,778    
Gross Loans CNY mil                   6,864,700 7,607,800 8,483,300 9,135,900 9,973,400    
Total Provisions CNY mil                   154,656 168,049 188,531 200,665 237,716    
growth rates                                
Customer Loan Growth % ...                 8.17 10.9 11.5 7.72 8.96    
Retail Loan Growth % ...                 16.5 15.1 12.4 13.5 23.1    
Mortgage Loan Growth % ... ... ... ... ... ... ...     11.1 11.7 12.5 20.7 28.8    
Consumer Loan Growth % ... ... ... ... ... ... ...     32.6 23.6 12.3 -3.13 6.71    
Corporate Loan Growth % ...                 5.40 9.21 11.1 5.36 3.13    
Total Asset Growth % ...                 7.19 9.41 9.93 10.3 7.93    
Shareholders' Equity Growth % ...                 13.8 11.6 23.1 14.7 9.54    
Customer Deposit Growth % ...                 4.04 10.1 7.80 7.88 10.2    
market share                                
Market Share in Customer Loans %                   9.97 9.34 9.19 8.50 8.35    
Market Share in Total Assets %                   9.49 9.10 8.86 8.44 7.88    
Market Share in Customer Deposits %                   9.73 24.2 24.1 20.6 18.2    
ratios Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                
ROE %                   17.3 17.2 15.8 13.4 11.6    
ROA %                   1.14 1.18 1.16 1.06 0.941    
Costs (As % Of Assets) %                   1.30 1.30 1.22 1.15 0.926    
Costs (As % Of Income) %                   43.2 41.8 38.5 38.7 35.0    
Capital Adequacy Ratio % ...                 13.6 12.5 13.9 14.1 14.3    
Tier 1 Ratio % ...                 10.5 9.70 11.4 12.1 12.3    
Net Interest Margin %                   2.10 2.14 2.21 2.05 1.76    
Interest Spread % ...                 1.96 2.01 2.06 1.90 1.62    
Asset Yield %                   4.14 3.91 4.14 3.84 3.24    
Cost Of Liabilities % ...                 2.18 1.90 2.09 1.94 1.62    
Interest Income (As % Of Revenues) %                   69.6 68.9 69.8 69.0 66.5    
Fee Income (As % Of Revenues) %                   18.9 19.9 19.8 19.4 19.2    
Other Income (As % Of Revenues) %                   11.4 11.1 10.5 11.6 14.4    
Equity (As % Of Assets) %                   6.79 6.93 7.76 8.07 8.19    
Loans (As % Of Deposits) %                   73.1 73.7 76.2 76.1 75.2    
Loans (As % Assets) %                   52.9 53.6 54.4 53.1 53.6    
NPLs (As % Of Loans) % ... ... ...             0.970 0.978 1.21 1.46 1.49    
Provisions (As % Of NPLs) % ... ... ...             232 226 183 151 160    
Provisions (As % Of Loans) %                   2.30 2.26 2.27 2.25 2.44    
Cost of Provisions (As % Of Loans) %                   0.296 0.324 0.592 0.649 0.930    
other data Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                
Employees                   302,016 305,675 308,128 310,042 308,900    
Sight (As % Of Customer Deposits) %                   45.1 44.3 41.4 44.5 47.2    
On-balance Sheet Loans RMB mil ... ... ... ... ... ... ... ... ... ... 7,439,700 8,294,700 8,935,200 9,735,600    

Get all company financials in excel:

Download Sample   $19.99

Bank of China's capital adequacy ratio rose 11.2% yoy to 15.3% in 2Q2019

By Helgi Library - October 14, 2019

Bank of China's capital adequacy ratio reached 15.3% at the end of second quarter of 2019, up from 15.0% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 15.3% in 2Q2019 and an all time low of 11.1% in 1Q2010. ...

Bank of China's customer deposits rose 10.3% yoy to CNY 12,939,700 mil in 4Q2016

By Helgi Library - October 14, 2019

Bank of China's customer deposits reached CNY 12,939,700 mil in 2016-12-31, down 0.268% compared to the previous year. Chinese banking sector accepted customer deposits of CNY 71,030 bil in 2016-12-31, up 6.68% when compared to the last year. Bank of Chin...

Bank of China's customer deposits rose 10.3% yoy to CNY 12,939,700 mil in 4Q2016

By Helgi Library - October 14, 2019

Bank of China's customer deposits reached CNY 12,939,700 mil in 2016-12-31, down 0.268% compared to the previous year. Chinese banking sector accepted customer deposits of CNY 71,030 bil in 2016-12-31, up 6.68% when compared to the last year. Bank of Chin...

Bank of China's corporate loans rose 6.06% yoy to CNY 7,501,100 mil in 2Q2019

By Helgi Library - October 14, 2019

Bank of China's loans reached CNY 12,569,700 mil in the second quarter of 2019, up from CNY 12,260,400 mil when compared to the previous quarter and up from CNY 11,403,200 mil when compared to the same period of last year. Historically, the bank’s l...

Bank of China's corporate loans rose 6.06% yoy to CNY 7,501,100 mil in 2Q2019

By Helgi Library - October 14, 2019

Bank of China's loans reached CNY 12,569,700 mil in the second quarter of 2019, up from CNY 12,260,400 mil when compared to the previous quarter and up from CNY 11,403,200 mil when compared to the same period of last year. Historically, the bank’s l...

Bank of China's npls (as % of loans) fell 2.38% yoy to 1.42% in 2Q2019

By Helgi Library - October 14, 2019

Bank of China's non-performing loans reached 1.42% of total loans at the end of 2019-06-30, down from 1.45% compared to the previous year. Historically, the NPL ratio hit an all time high of 1.49% in 2016-06-30 and an all time low of 0.928% in 2013-03-31. P...

Bank of China's npls (as % of loans) fell 2.38% yoy to 1.42% in 2Q2019

By Helgi Library - October 14, 2019

Bank of China's non-performing loans reached 1.42% of total loans at the end of 2019-06-30, down from 1.45% compared to the previous year. Historically, the NPL ratio hit an all time high of 1.49% in 2016-06-30 and an all time low of 0.928% in 2013-03-31. P...

Bank of China's net interest margin fell 3.93% yoy to 1.68% in 2Q2019

By Helgi Library - October 14, 2019

Bank of China's net interest margin amounted to 1.68% in the second quarter of 2019, up from 1.67% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 4.25% in 4Q2016 and an all time low of 0.0...

Bank of China's price/earnings (P/E) fell 18.6% yoy to 5.25 in 2Q2019

By Helgi Library - October 14, 2019

Bank of China stock traded at HKD 2.96 per share at the end second quarter of 2019 implying a market capitalization of USD 109,346 mil. Since the end of 2Q2014, the stock has appreciated by 17.1 % implying an annual average growth of 3.20 %. In absolute terms, the val...

Bank of China's price/earnings (P/E) fell 18.6% yoy to 5.25 in 2Q2019

By Helgi Library - October 14, 2019

Bank of China stock traded at HKD 2.96 per share at the end second quarter of 2019 implying a market capitalization of USD 109,346 mil. Since the end of 2Q2014, the stock has appreciated by 17.1 % implying an annual average growth of 3.20 %. In absolute terms, the val...

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Finance

Bank of China has been growing its revenues and asset by 8.29% and 11.8% a year on average in the last 10 years. Its loans and deposits have grown by 13.7% and 10.9% a year during that time and loans to deposits ratio reached 77.4% at the end of 2018. The company achieved an average return on equity of 14.7% in the last decade with net profit growing 10.8% a year on average. In terms of operating efficiency, its cost to income ratio reached 32.6% in 2018, compared to 39.7% average in the last decade.

Equity represented 8.11% of total assets or 15.0% of loans at the end of 2018. Bank of China's non-performing loans were 1.43% of total loans while provisions covered some 179% of NPLs at the end of 2018.

Valuation

Bank of China stock traded at HKD 2.97 per share at the end of 2018 resulting in a market capitalization of USD 111,597 mil. Over the previous five years, stock price rose by 11.1% or 2.13% a year on average. That’s compared to an average ROE of 12.6% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 5.52x and price to book value (PBV) of 0.576x in 2018.

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